Broker snap: IAG in line, while fuel remains a concern

25th Feb 2011 12:12

Having finally unravelled the first set of results from International Airlines Group's (IAG), RBS, after an initial period of stupefaction, declared the results were in line, and kept to its 'buy' recommendation and 350p target price. The results were very convoluted, but after picking through and stripping out weather/strike-related costs and restructuring/merger charges, full year underlying earnings before interest and tax (EBIT) came in at €415m, slightly above the broker's estimate of €410m. However, RBS notes that fuel prices remain an obvious concern as every $1 on top of the oil price per barrel implies an additional €24m in costs which the company has to try to recover through fuel surcharges.Nevertheless, the broker says EBIT consensus of €650m-750m for 2011 seems achievable.

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